Leases (Tables)

9 Months Ended

Sep. 26, 2019

Schedule of Supplemental Balance Sheet Information Related to Leases

The adoption of ASC 842 had the following effect on the Company’s financial statements as follows (all relating to operating lease right-of-use assets and obligations):


	Balance at		ASC 842		Balance at
	December 27, 2018		Adjustments		December 28, 2018
	(in thousands)
Assets
Other current assets	$	15,355	$	(690)	$	14,665
Operating lease right-of-use assets		—		76,178		76,178
Other assets (long term)		33,100		(8,868)		24,232

Liabilities
Other accrued liabilities		59,645		(4,396)		55,249
Current portion of operating lease obligations		—		5,909		5,909
Operating lease obligations		—		75,608		75,608
Deferred compensation and other		56,908		(10,501)		46,407

Schedule of Lease, Cost

Total lease cost consists of the following:


		13 Weeks		39 Weeks
		Ended		Ended
Lease Cost	Classification	September 26, 2019		September 26, 2019
		(in thousands)
Finance lease costs:
Amortization of finance lease assets	Depreciation and amortization	$	952	$	2,814
Interest on lease liabilities	Interest expense		284		870
		$	1,236	$	3,684
Operating lease costs:
Operating lease costs	Rent expense	$	6,386	$	17,752
Variable lease cost	Rent expense		362		1,157
Short-term lease cost	Rent expense		58		178
		$	6,806	$	19,087

Schedule of Other Information Related to Leases


	39 Weeks
	Ended
Other Information	September 26, 2019

Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	1,908
Operating cash flows from finance leases		870
Operating cash flows from operating leases		18,140

Right of use assets obtained in exchange for new lease obligations:
Finance lease liabilities		1,716
Operating lease liabilities, including from acquisitions		163,416


	September 26, 2019
	(in thousands)
Finance leases:
Property and equipment – gross	$	74,348
Accumulated depreciation and amortization		(52,069)
Property and equipment - net	$	22,279

Schedule of Lease Term and Discount Rate


Lease Term and Discount Rate	September 26, 2019
Weighted-average remaining lease terms:
Finance leases	10	years
Operating leases	15	years

Weighted-average discount rates:
Finance leases	4.68	%
Operating leases	4.64	%

Schedule of Maturities of Operating and Finance Leases Liabilities

Maturities of lease liabilities as of September 26, 2019 are as follows (in thousands):


Fiscal Year	Operating Leases		Finance Leases
2019 (excluding the 39 weeks ended September 26, 2019)	$	4,649	$	1,020
2020		25,154		3,584
2021		24,485		2,992
2022		25,056		2,946
2023		23,538		2,836
2024 and thereafter		221,983		16,948
Total lease payments		324,865		30,326
Less: amount representing interest		(90,914)		(6,248)
Total lease liabilities	$	233,951	$	24,078

Schedule of Future Minimum Rental Payments for Operating and Finance Leases

Aggregate minimum lease commitments as of December 27, 2018 under Accounting Standard Codification Topic 840 are as follows (in thousands):


Fiscal Year	Operating Leases		Capital Leases
2019	$	11,317	$	3,073
2020		10,169		2,978
2021		9,670		2,679
2022		9,910		2,718
2023		9,038		2,718
2024 and thereafter		80,523		16,940
Total minimum lease payments	$	130,627		31,106
Less: amount representing interest				(6,978)
Total present value of minimum capital lease payments			$	24,128